If you're buying to let or are already a landlord, and with property prices meaning that long-term renting is a reality for many of us, rather than the short-term stop gap before buying a house, it's worth both would-be and established landlords rethinking how their properties are perceived by renters.
And it's really worth knowing that UK renters are showing a willingness to pay a little extra rent if necessary, but only for things that they consider to be highly beneficial to their quality of life. A recent survey of 3,752 adults asked people to identify the property features they'd be happy to pay a little extra for every month, and how much more they'd consider reasonable.
Unsurprisingly, lets that allow pets topped the list, with 32 per cent of respondents prepared to fork out an extra £24 per month in order to have a furry companion. High-speed Wi-Fi is not far behind, with 31 per cent prepared to pay £19 extra a month for it. Parking and gardens were also quite popular, with over a quarter of respondents prepared to pay a (reasonable) premium for those features.
Interestingly, most respondents were uninterested in living in managed blocks (only five per cent would pay extra for a on-site manager or porter), and bike storage no longer appeals either, with only six per cent willing to pay extra for it.
The study also highlights an increasing level of interest in communal facilities, no doubt linked to an increasing number of people working flexibly or entirely from home. An on-site gym would compel half of the respondents to pay £16 more per month for the privilege of exercising on site.
Gardens and roof terraces also appealed to a substantial proportion of renters (42 per cent and 36 per cent respectively), and well over a third would pay as much as £24 extra for on-site childcare facilities, a playground, or a vegetable allotment.
This fascinating research showcases the perceptible shift in people's attitudes to renting as a long-term situation they'd like to make the most of, and a demand for high-quality rental accommodation that would address the needs of the self-employed and people with families.
Naomi, the managing director of FarawayFurniture.com (opens in new tab), who conducted the survey, comments, 'To get on or climb the property ladder is certainly more difficult than ever before. With sky-high prices being the biggest obstacle to homeownership, many have had no option but to rent instead. Consequently, as Brits increasingly warm to the prospect of treating a rental property as a long-term living solution, they also develop a strong desire to make the any rental home or flat they consider moving into as homely as possible. To achieve this, a readiness among renters to shell out a premium for a range of features and facilities. Conclusively, this research provides a real insight into the features and facilities Brits are prioritising in their renting criteria.'
- Are you looking for a new place to rent? Consult our beginner's guide to renting